Trade Service for Importers

Import Letter of Credit

A Letter of Credit is a written undertaking by the bank given on behalf of a buyer (an importer), that payment will be made for goods or services supplied by an exporter, provided the exporter meets all the terms and conditions of the letter of credit. This gives confidence and peace of mind to the importer and exporter.

Inward Bills for Collection

These are bills of exchange which are sent to the importer's bank together with the necessary documents. Documents are only released to the importer if the importer pays or commits to pay at a later date as agreed between the importer and the exporter.

Inward bills for collection provide a more secure method of payment than an open trading account. They also enable an importer to obtain financing from a bank, easing cashflows for the company.

Trust Receipt (TR)

Trust Receipt is a bridging loan that provides a buyer with financing to settle goods imported on sight. The importer upon signing the Trust Receipt agrees to take possession of the imported goods, but holds them in trust for the Bank. The proceeds from the sale of the goods will be utilized to settle the Trust Receipt liability.